SHIB Partner KNINE Jumps 88% Ahead Of ETH Toronto Announcement
Liquid Staking Derivatives platform K9 Finance joins SHIB in ETH Toronto.
Previously, K9 Finance made an entrance to Shibarium as a validator node.
KNINE towers to a monthly high with a 88% rise ahead of LSD dApp launch.
As the Shiba Inu community celebrates the one year anniversary of Shibarium, the popular meme coin’s Liquid Staking partner K9 Finance DAO is gearing up for a major announcement. SHIB and K9 are both included as sponsors of the Blockchain Futurist Conference, held in Toronto, Canada on August 13-14, 2024.
In this year’s edition of the ETH Toronto event, K9 Finance DAO is inclined to drop a major announcement regarding the upcoming staking platform on Shibarium. Whilst K9 Finance kept the direction of the announcement behind closed doors, the partnership with Shiba Inu leads us to believe that K9 DAO’s message will be Shibarium related.
The birthplace of Shibarium Layer-2, Toronto will now have the honor to introduce a highly-anticipated decentralized application (dApp) to the public. K9 Finance DAO takes inspiration from Lido Protocol on Ethereum (ETH), bolstering the blockchain’s utility with dynamic staking opportunities. Sponsored
While Canada’s largest crypto conference is in full swing, K9 Finance is offering a $10,000 bounty prize fund for developers participating in the ETH Toronto hackathon. K9 Finance’s KNINE token skyrocketed by 88% over the past 7 days, tapping a new monthly price peak at $0.00002807.
Poised for a Q3 launch, K9 Finance’s core product BONE Crusher seeks to amplify Shibarium’s liquidity with cutting-edge innovation. Ahead of the highly anticipated launch, K9 Finance’s team released a step-by-step guide to smoothly maneuver around the dApp.
What Issues Does K9 Finance DAO Solve?
As both Ethereum (ETH) and Shibarium run on a Proof of Stake (PoS) consensus, this model comes with its own limitations. Despite being considered an eco-friendly and secure mechanism of blockchain operation, the PoS model requires the Web3 enthusiasts to make a choice. Sponsored
Shibarium’s dwellers are able to stake Bone ShibaSwap (BONE) to secure the network and earn rewards as validators, or use the chain’s gas fee token for regular transactions. However, they can’t do both, resulting in a stagnant liquidity issue. That’s where K9 Finance DAO dApp comes into play, providing crypto aficionados with a model that strikes both ways.
The K9 Finance DAO adds to the comprehensive DeFi ecosystem of Shibarium L2 with the ability to vest, farm and stake Bone ShibaSwap (BONE) across multiple staking protocols simultaneously. This unlocks the ability to amplify the investor’s yield, as it’s not stuck on a single staking protocol.
By staking their Bone ShibaSwap (BONE), the crypto enthusiasts are getting an equivalent of knBONE, which can be used across all DeFi applications supported by K9 Finance DAO’s core product. As the delegated BONE can circulate on Shibarium, this bi-folded staking mechanism secures a deeper liquidity for Shibarium L2.
On the Flipside
More than half of the trading volume for K9 Finance DAO’s native token KNINE currently comes from two centralized exchanges, MEXC and BitMart.
KNINE token is also available on decentralized exchanges ShibaSwap and UniSwap, but is yet to see mass adoption by major crypto exchanges.
Why This Matters
Meme currencies have become a key component of the crypto sphere, looking to compete with big-name alternative currencies by providing similar utility cases and encouraging user activity.
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